THE CHALLENGES OF INTERNAL AUDIT FUNCTION IN THE NIGERIAN PUBLIC SECTOR (A STUDY OF KADUNA STATE MINISTRY OF FINANCE)
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THE
CHALLENGES OF INTERNAL AUDIT FUNCTION IN THE NIGERIAN PUBLIC SECTOR (A STUDY OF
KADUNA STATE MINISTRY OF FINANCE)
ABSTRACT
This research work
deals with the challenges of internal audit function in the Nigerian public
sector with reference to Kaduna state ministry of finance. Internal auditing is
a process generally adopted towards ensuring and safeguarding of resources and
promoting operational efficiency in organization. The objective of this study
has been to evaluate the internal control system in the Nigerian public
sectors, to ascertain the non- implementation of routine audit report and the
lack of proper segregation and assignment of duties. In recent times, a
combination of forces has led to a quiet revolution in the profession.
Government moving towards democracy must demonstrate accountability in the use
of public money and efficiency in the delivery of service. In many cases internal
control system are weak, staffs are poorly paid making them unmotivated,
coupled with non-implementation of routine audit report by appropriate
authorities. The Responses from staffs were analyzed using relevant statistical
tools from which three hypothesis were formulated and tested using Z-test
statistics, while questionnaire were analyzed in tabular form using simple
percentage. It was discovered that the internal audit is facing a lot of
challenges which includes inadequate staffing, lack of independence, lack of
facilities to carry out audit function and also poor funding. As a result of
some of these challenges the effectiveness of the internal audit in the
Nigerian public sectors, has been hindered as well as the organizational change
it can bring to its environment. I recommend that for internal audit to be
effective, it must be a completely independent group, adequately funded and
equipped with qualified internal auditors as well as sufficient opportunities
for internal auditors to become qualified.
TABLE OF CONTENTS
Approval page ii
Certification iii
Dedication iv
Acknowledgment v
Abstract vii
List of tables’ xi
CHAPTER ONE:
INTRODUCTION
1.1 Background of the
study 4
1.2 Statement of the
study 5
1.3 Statement of the
objectives 6
1.4 Research
questions 6
1.5 Research
hypotheses 7
1.6 Significance of
the study 8
1.7 Scope of the
study 9
1.8 Limitations of
the study 9
1.9 Definition of
terms 9
CHAPTER TWO: REVIEW
OF RELATED LITERATURE
2.1 Introduction 12
2.2 Organizational
structure of ministry of finance 14
2.3 Definition of
auditing 15
2.4 Types of auditing
16
2.5 Meaning of
internal audits 17
2.6 Meaning of
internal control 18
2.7 Meaning of
internal check 20
2.8 Objective and
purpose of internal audit 21
2.9 Qualities
required of an auditor 23
2.10 Elements of
internal audit 25
2.11 Scope of
internal audit 27
2.12 Duties and
responsibilities 28
2.13 Role of internal
audit in the Nigerian public sector 29
2.14 Challenges of
internal audit 30
2.15 Factors
responsible for the problem of internal 32
CHAPTER THREE:
RESEARCH METHODLOGY
3.1 Research design
34
3.2 Sources of data
35
3.3 Area of the study
36
3.4 Population of the
study 36
3.5 Determination of
population size 37
3.6 Reliability Test
39
3.7 Validity test 39
3.8 Method of data
collection 39
3.9 Techniques for
data analysis 40
CHAPTER FOUR:
PRESENTATION OF DATA, INTERPRETATION
AND ANALYSIS OF DATA
4.1 Presentation of
data 42
4.2 Test of
hypotheses 55
4.3 Discussion of
findings 68
CHAPTER FIVE: SUMMARY
OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of
findings 70
5.2 Conclusion 71
5.3 Recommendations
71
Bibliography 73
Appendix 75
LIST OF TABLES
Table 4.1 Shows
questionnaire administered
Table 4.1.2 Analysis
to know if the internal auditunit exists in the ministry
Table 4.1.3 Analysis
to show the degree of independenceof the auditor
Table 4.1.4 Analysis
to show in impact of internal audit function in the ministry
Table 4.1.5 Analysis
to know the challenges internal audit unit faces
Table 4.1.6 Analysis
to show that sound academic knowledge in accounting is essential for effective
performance
Table 4.1.7 Analysis
to know the level of efficient performance on financial audit in the public
sector
Table 4.1.8 Analysis
to show the performance on quality assurance
Table 4.1.9 Analysis
to show the inadequacy of internal control system
Table 4.1.10 Analysis
to know the level of co-operation between internal audit unit and other
departments
Table 4.1.11 Analysis
to show lack of proper segregation of duties
Table 4.1.12 Analysis
to show the non-implementation of routine audit report
Table 4.2.1 Table
showing computed value of Z Hypothesis 1
Table 4.2.2 Table
showing computed value of Z Hypothesis 2
Table 4.2.3 Table
showing computed value of Z Hypothesis 3
CHAPTER ONE
INTRODUCTION
The Kaduna state
ministry of finance started when the country was pre-independent in 1958 during
the northern region, the ministry of finance is the custodian of public fund
and stores and is therefore essentially a controlling ministry as opposed to
other executing agencies of the government. The ministry is headed by a
commissioner as the chief executive officer and deputized by the permanent
secretary who is a carrier and servant and is the chief officer of 145 staff
including accounting officers on monthly basis.
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